BICS weighted Scotland estimates: data to wave 104

Prices

The BICS asks businesses that have not permanently stopped trading (i.e. ‘Currently Trading’ or ‘Paused Trading’) about how the prices of materials, goods and services bought and sold compare with the previous calendar month. Note that in Wave 104 businesses were asked about prices in the month of February 2024. Prior to Wave 55, these questions asked how prices compare to normal price fluctuations.

Figure 2: In Wave 104, 24.0% of businesses reported that the prices of materials, goods or services bought in February 2024 had increased from the previous calendar month. Over the same period, 10.5% of businesses reported that they had increased the price of goods or services sold.

Estimated share of businesses experiencing increased prices. Businesses currently trading - with 10+ employees and a presence in Scotland. Applicable waves 18 to 104.

Source: BICS Weighted Scotland Estimates - Wave 104 from the Scottish Government. For Figure 2 data see tables ‘PricesBoughtChange’ and ‘PricesSoldChange’.

In the latest period, the industry sector with the highest proportion of businesses reporting increases in the prices of materials, goods and services bought was Accommodation & Food Services (36.0%).

In Wave 104, businesses were asked what their expectations were for the prices of goods or services sold in April 2024, and the factors causing the businesses to consider raising prices.

An estimated 27.7% of businesses were expecting to increase prices in April 2024, this is up from 16.8% for the previous month. The top three factors reported by businesses for these expected price increases were labour costs (42.3%), energy prices (23.9%) and raw material prices (23.7%).